Photo: Namibian Sun
The report said Government will support the HPP II efforts to unlock projects with commercial value of over N$ 27.7 billion, which have the potential of creating over 42 000 jobs.
“This will be achieved by leveraging private sector capital and know how, through a mixture of public-private partnerships and other procurement methods,” it said.
HPP II retains the five core pillars of effective governance, economic advancement, social progression, infrastructure development and international relations and cooperation.
The economic advancement pillar will be achieved through optimizing stewardship of natural resources and public assets; enhance productivity of priority economic sectors and developing complementary engines of growth.
“While the space for consumer and Government spending is limited, Namibia remains endowed with unique and attractive investment opportunities, good infrastructure, rule of law and a stable democratic foundation. In addition, Government is in possession of world class assets, which will be curated to attract meaningful investments.”
The report further says employment creation and labour productivity will be a key priority during HPP II. This will be achieved by identifying and prioritizing investments into projects with high employment creation opportunities.
HPP II also commits to reviewing and expanding Namibia’s business rescue legislative frameworks, “to limit economic scarring”.
The report noted that most businesses in the country have been under financial stress and while some signs have already manifested through the liquidation of various entities, both private and public, it is expected that there will be more to come.
“In anticipation of the risk of widespread liquidations in our economy, an urgent business rescue task force comprised of public and private sector players will be established in the first quarter of the 2021/22 financial year to review Namibia’s insolvency laws, with a view to recommend and implement amendments to applicable laws, regulations and policies that would cement business rescue as the preferred path to companies in financial distress and offer viable opportunities for efficient recovery.”
The plan further noted the key objective of the review and task force will be to limit the number of jobs lost because of retrenchments and to safeguard a stronger entrepreneurial culture in Namibia as the current insolvency laws only focus on protecting creditors with minimal consideration for the survival of the business itself.
Source: Namibia Press Agency (NAMPA)